Mali Orders Return of $400 Million Gold Seized From Barrick as Mining Dispute Eases
Malian Court Orders Return of Seized Gold to Barrick, Signaling Thaw in Mining Dispute
A Malian court has ordered the return of three metric tons of gold, valued at approximately $400 million, that were seized nearly a year ago from Barrick Gold’s Loulo-Gounkoto mining complex, according to Reuters.
The ruling comes amid efforts by Mali’s military-led government, headed by General Assimi Goïta, to stabilize the country’s economy and project a more investor-friendly image as it pursues a proposed five-year presidential mandate against a backdrop of prolonged political instability.
The bullion, representing the entirety of the seized gold, has been held at Banque Malienne de Solidarité in Bamako since January, when it was confiscated and transported by military helicopter under a court order.
Under the latest decision, Barrick will be responsible for transporting the gold from the bank’s vaults. The move is widely seen as a step toward normalizing operations at the Loulo-Gounkoto complex, one of Barrick’s most important assets in West Africa.
The court order follows a settlement reached last month between Barrick and the Malian government, under which the mining company agreed to pay 244 billion CFA francs (about $430 million), bringing to an end a two-year dispute that had disrupted operations at the site.
The conflict stemmed from a revised mining code introduced by Mali’s military authorities, which increased the state’s share of revenue from gold producers at a time of record-high global gold prices.
As part of the agreement, Barrick committed to the $430 million payment, and a court-appointed provisional administrator is expected to hand back control of the Loulo-Gounkoto complex to the company next week. This follows an earlier takeover by the military authorities after the gold seizure, Reuters reported.
The settlement also secured the release of four Barrick employees who had been detained since November 2024 and prompted the company to withdraw its international arbitration case against Mali. Tensions had escalated in January when the government seized gold from the complex and transferred it to the central bank by helicopter.
Barrick previously said the seizure invalidated its insurance coverage and forced a temporary suspension of mining operations. Analysts at Jefferies estimated the disruption could reduce the company’s 2025 earnings before interest, taxes, depreciation, and amortization by approximately 11%.
Earlier, Malian authorities had demanded about $500 million in alleged unpaid taxes from Barrick, a claim the company disputed, noting that it paid $85 million to the government in October 2024.
The resolution comes as Western investors, particularly from the United States, show renewed interest in Mali’s largely untapped natural resources, including gold, lithium, and other strategic minerals.
This renewed engagement is being supported by broader international initiatives aimed at helping the landlocked Sahel nation address chronic economic and security challenges.
After more than a decade of political turbulence, stabilizing the mining sector is increasingly seen as critical to restoring investor confidence and attracting foreign capital, especially as global gold prices remain near historic highs.
